New plan to help disabled save without losing benefits

Oregon lawmakers created the new saving program following the passage of a 2014 federal law

The Oregon Senate, Thursday, March 6, 2014 at the state Capitol in Salem. (AP Photo/Chad Garland)
The Oregon Senate, Thursday, March 6, 2014 at the state Capitol in Salem. (AP Photo/Chad Garland)

PORTLAND, Ore. (AP) – A new state program will soon allow Oregonians with disabilities save money without fear of losing their state or federal benefits.

KNKX-FM reports that Oregon lawmakers created the new saving program following the passage of a 2014 federal law, which paved the way for people with disabilities to open tax-advantage savings accounts without disqualifying them from their benefits.

The program is open to anyone who was diagnosed with a disability before the age of 26. Individuals can contribute up to $14,000 a year. The money in the plans can be used tax-free on qualified disability-related expenses.

The state will begin rolling out the new program, dubbed the “Oregon ABLE Savings Plan,” on Dec. 6.